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Are Europe's Social Security Finances Compatible with EMU?

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  • Mr. George Kopits

Abstract

Pursuant to the Treaty of Maastricht, members of the European Union (EU) intend to participate in the Economic and Monetary Union (EMU), in part through convergence toward specified limits on the overall deficit and gross debt of general government. The paper argues that in several EU members, the financial imbalance of social security institutions may constitute an impediment to meeting these requirements. Given a constraint on further payroll tax increases, most countries will need to undertake major reform of public pension and health-care systems, to ensure adherence to the EMU fiscal criteria in the medium to long run.

Suggested Citation

  • Mr. George Kopits, 1997. "Are Europe's Social Security Finances Compatible with EMU?," IMF Policy Discussion Papers 1997/003, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1997/003
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    Citations

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    Cited by:

    1. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 14(3), pages 54-80, Autumn.
    2. Pierre Devolder & Inmaculada Domínguez-Fabián, 2020. "Thinking in Vertical: A Practical Application of the Two-Stage Pension System in Spain," Sustainability, MDPI, vol. 12(23), pages 1-18, November.
    3. George Kopits, 2007. "Fiscal Responsibility Framework: International Experience and Implications for Hungary," MNB Occasional Papers 2007/62, Magyar Nemzeti Bank (Central Bank of Hungary).
    4. Tyrowicz, Joanna, 2009. "When Eastern Labour Markets Enter Western Europe CEECs. Labour Market Institutions upon Euro Zone Accession," MPRA Paper 15045, University Library of Munich, Germany.
    5. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.

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